Educating Paul Sarbanes

Western Illinois University econ professor William J. Polley notes this exchange from the Bernanke hearings last night:

Sen. Sarbanes held up a chart showing how our unemployement rate is so much lower than Europe's...and of course he reminded us that the European Central Bank has an inflation target. Mr. Bernanke's response: "Senator, it was below that rate 20 years ago before the ECB was even created. I believe there are other factors that contribute to that difference."

Bernanke was too polite to expound on those factors -- i.e., policies that Sarbanes has spent his political career fighting for.

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